Kala Bio Q3 2022 Earnings Report
Key Takeaways
Kala Pharmaceuticals reported a net income of $29.1 million for the third quarter of 2022, which includes a gain on the sale of its commercial business to Alcon of $47.0 million. The company's cash and cash equivalents were $52.4 million as of September 30, 2022, expected to fund operations into Q2 2024. Kala plans to initiate a Phase 2/3 clinical trial of KPI-012 in PCED patients in the fourth quarter of 2022.
Kala plans to initiate a Phase 2/3 clinical trial of KPI-012 for Persistent Corneal Epithelial Defect (PCED) in 4Q 2022, with topline data expected in 1Q 2024.
The company ended the quarter with $52.4 million in cash, which is sufficient for funding operations into 2Q 2024.
Net product revenues for the quarter ended September 30, 2022, were $0.4 million, representing approximately one week of net product revenues from sales of EYSUVIS and INVELTYS.
Kala anticipates approximately a 50% reduction in non-GAAP operating expenses in the second half of 2022 as compared to the first half of 2022.
Kala Bio
Kala Bio
Forward Guidance
Kala anticipates approximately a 50% reduction in non-GAAP operating expenses in the second half of 2022 as compared to the first half of 2022 and a 60-70% reduction in non-GAAP total operating expenses for the full year 2023 compared to the full year 2021.